Managing Director of Republic Bank (Guyana) Michael Archibald yesterday defended the bank’s decision to interrogate six employees in connection with the disappearance of $8 million from its Kitty ATM.
He said it was normal procedure of banks around the world to attempt to settle such issues internally.
Archibald was responding to allegations in the media by relatives of the five females and one male that the bank kept the employees in its custody on February 18 and never handed them over to the police until 11.30 pm that day. They said the actions of the bank made their relatives out to be common criminals.
In the first statement by the bank since the incident, Archibald said the bank’s responsibility was to protect the depositors and the integrity of the bank. Referring to what he described as “adverse media reports” on the issue, the managing director said Republic Bank in no way interfered with the police investigation. He also said that the bank would not be commenting on a letter written to the press by the relatives of the employees questioning its actions and accusing it of callous treatment of their relatives. No other comment would be given on the issue, he said. Archibald read from a written statement at the sod-turning ceremony for a new building, but said he could not hand over the statement to the media as that was against the advice of his lawyers.
The employees are on bail but have to report to the Alberttown Police Station every week; they were sent on paid leave by the bank.
Relatives of the employees noted that it was not the first time such an incident had happened and questioned what systems the bank had put in place to prevent a recurrence. They said the employees had been hesitant about moving into the department when asked because they were afraid of being implicated in any wrongdoing. Their fears were confirmed when $8 million was taken from the ATM. The bank believes it must have been an inside job because there was no sign of forced entry and that more than one person had to be involved.
Relatives said that the bank should have taken the security of the site more seriously and should have had a security guard placed there.
